JOYT vs. PAPI

Last updated Jun 4, 2026

JOYT (JPMorgan Equity And Options Total Return ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.27 correlation, their price movements are largely independent. JOYT charges 0.35%/yr vs 0.29%/yr for PAPI.

Performance

JOYT vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Equity And Options Total Return ETF (JOYT) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JOYT achieves a 5.08% return, which is significantly lower than PAPI's 5.81% return.

JOYT

• 1D: -0.20%
• 1M: 2.91%
• YTD: 5.08%
• 6M: 7.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

JOYT vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
JOYT JPMorgan Equity And Options Total Return ETF	5.08%	9.58%
PAPI Parametric Equity Premium Income ETF	5.81%	2.54%

Correlation

The correlation between JOYT and PAPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.27

JOYT vs. PAPI - Sectors Allocation Comparison

Sectors	JOYT	PAPI
Technology	35.9%	12.5%
Financial Services	11.6%	9.9%
Communication Services	10.3%	5.4%
Consumer Cyclical	9.7%	12.1%
Healthcare	8.2%	10.7%
Industrials	6.2%	9.9%
Consumer Defensive	4.6%	10.1%
Energy	3.6%	11.6%
Utilities	3.1%	10.1%
Real Estate	1.6%	-
Basic Materials	0.8%	7.8%

Return for Risk

JOYT vs. PAPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JOYT vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity And Options Total Return ETF (JOYT) and Parametric Equity Premium Income ETF (PAPI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	JOYT	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	0.88	+1.22

Drawdowns

JOYT vs. PAPI - Drawdown Comparison

The maximum JOYT drawdown since its inception was -6.99%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for JOYT and PAPI.

Drawdown Indicators

	JOYT	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.99%	-14.27%	+7.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.20%	-5.06%	+4.86%
Average Drawdown Average peak-to-trough decline	-0.87%	-2.73%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	JOYT	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	10.55%	-1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.39%	11.76%	-2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.39%	11.76%	-2.37%

JOYT vs. PAPI - Expense Ratio Comparison

JOYT has a 0.35% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

JOYT vs. PAPI - Dividend Comparison

JOYT's dividend yield for the trailing twelve months is around 0.45%, less than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
JOYT JPMorgan Equity And Options Total Return ETF	0.45%	0.28%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both JOYT and PAPI in my portfolio?

JOYT and PAPI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JOYT or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JOYT or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.35% for JOYT.

Which ETF pays a higher dividend yield, JOYT or PAPI?

PAPI has the higher dividend yield at 7.62%, compared with 0.45% for JOYT.

What is the main difference between JOYT and PAPI?

They also come from different issuers: JPMorgan and Morgan Stanley. Their fees differ too: 0.35% for JOYT and 0.29% for PAPI.